Twitter Penalty From Turkey To Elon Musk

The Competition Authority decided to punish the famous billionaire Elon Musk for taking over the social media platform Twitter without the permission of the board.

The Competition Authority made a statement on its official website on March 6, regarding Elon Musk’s takeover of Twitter. ex officio review announced its conclusion. As a result of its review, the Board has given Elon Musk a claim for not obtaining permission for Twitter’s acquisition. To impose an administrative fine at the rate of one thousandth of the income obtained from Turkey. decided.

Due to the fact that the transaction subject to the file was carried out without the permission of the Competition Board, the gross income of 2022 in Turkey was paid to Elon R. MUSK, who is the transferee, pursuant to subparagraph (b) of the first paragraph of Article 16 of the Law No. 4054 on the Protection of Competition. Within 60 days from the notification of the reasoned decision, it was unanimously decided in Ankara Administrative Courts to impose an administrative fine of one per thousand.

On the other hand, the board considers that effective competition seriously no reduction in reported that he authorized the takeover.

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